Can Libra Disrupt The Financial/Economic System?

[Triffin]

I think yes, it could disrupt. Take note, how many people use Facebook, almost 3 billions now so Libra has enormous users base at the beginning. To many people it could the most convenient method of payment. What' more Libra signed cooperation with 21 members e.g. Spotify, Uber or PayU... It is going to be huuuge

Not all those three billion users would understand the concept of Libra and neither all the accounts belong to different people. There is duplication too. Still, it is not possible to deny the impact of Libra once it gets passed by the political authorities of USA. However, it will give more hype to bitcoin because that is truly decentralized which Libra wont be. It will just spread the concept of crypto currencies among common people.

[Karmakid]

I think yes, it could disrupt. Take note, how many people use Facebook, almost 3 billions now so Libra has enormous users base at the beginning. To many people it could the most convenient method of payment. What' more Libra signed cooperation with 21 members e.g. Spotify, Uber or PayU... It is going to be huuuge

Not all those three billion users would understand the concept of Libra and neither all the accounts belong to different people. There is duplication too. Still, it is not possible to deny the impact of Libra once it gets passed by the political authorities of USA. However, it will give more hype to bitcoin because that is truly decentralized which Libra wont be. It will just spread the concept of crypto currencies among common people.

I agree. It will only beneficial for bitcoin and other true cryptocurrencies because it will help the cryptocurrencies to spread through Libra. I don't think that Libra will be adapted since the government of US is against to it because of centralization. Even if it passes the government, Libra will not have a lot of adaption because people prefer an asset that has a chance of making money rather than a stable one.

[kotik085]

They can, and Libra can indeed destroy the financial system of a country, for example, such as the United States. It can and will happen soon, although it cannot be.

[Abiky]

If Zuckerberg says their coin is designed to help non-banking people get financial services more easily, then where have they been before? I don’t remember any funds that Facebook supported the development of banking services. I think they just want to hop on a train called crypto hype. But just do not forget that the projects are degenerating and investors will very easily be disappointed if the developers do not pay enough attention to the development of the network.

Exactly. Facebook just wants a piece of the piece from the emerging Blockchain industry. So many companies, businesses and even worldwide governments have been interested in grasping the benefits of Blockchain in every way. Considering that the technology's most successful application is finance, mainstream companies have seen an opportunity to track their utmost important assets. In the case of Facebook, I believe it had ambitions of becoming a next-generation central bank. If Libra would've been approved for launch you could expect Facebook to become stronger than ever before. I guess that's why the US has been against the Libra stablecoin because it's afraid that Facebook will take over the world's economy. After all, the United States Dollar is the reserve currency of the world. If people use Libra more than traditional Fiat currencies of today, governments will lose power over their citizens.

As of now, it looks very unlikely that Libra will launch anytime soon. 2020 is just a day away, and regulators still haven't reached an agreement with Facebook. The proposed stablecoin will just be an idea than anything else. We may not be able to use Libra anytime soon, but someone will use Libra's own source code to launch a "forked" version of the same. With so many stablecoins on the market, there's no need to worry about Libra at all. But if it becomes successful, you could expect Blockchain adoption to increase tenfold for years to come.

Nonetheless, Facebook won't be able to disrupt the existent economic system. But Blockchain technology will. The process will be rather slower than usual as people are reluctant to change. Old generations will find it hard to make use of digital currencies, while that won't be the case for new generations. Slowly but surely, digital currency payments are being introduced in order to phase out physical cash in its entirety. In the end, it's not about Libra but Bitcoin's Blockchain technology to transform our economy as we know it. Just my thoughts

[Vishnu.Reang]

I don't understand the logic in claiming something like this. Let me ask you guys a very simple question. How can Libra disrupt the current financial/economical system, when it is a part of that very same system? If you are talking about Bitcoin, then it can be claimed that Bitcoin is falling outside the current system. But Libra is just a digital version of fiat and very much part of the current economic system.

[deisik]

I don't understand the logic in claiming something like this. Let me ask you guys a very simple question. How can Libra disrupt the current financial/economical system, when it is a part of that very same system? If you are talking about Bitcoin, then it can be claimed that Bitcoin is falling outside the current system. But Libra is just a digital version of fiat and very much part of the current economic system.

The devil is in paying precious attention to detail (and its implications)

I for one can easily see how Libra can damage the current financial and economic system even if it is a part of this very system (not sure about disrupting, though). If Libra turns out more convenient and overall useful than the US dollar itself which it is supposed to be backed up with, and people start to use it instead of the dollar en masse, that would effectively mean increasing the supply of dollars

The latter is most certainly synonymous with the dollar price inflation with all its ensuing consequences. Obviously, this is not what the US financial authorities might want as this turn of events, if they were to come, would apparently threaten the stability of the dollar and thus the whole system based on the dollar as a world reserve currency. As you can see, Libra is definitely capable of creating certain problems if it were to take off for real

[mamahdedeh]

I don't understand the logic in claiming something like this. Let me ask you guys a very simple question. How can Libra disrupt the current financial/economical system, when it is a part of that very same system? If you are talking about Bitcoin, then it can be claimed that Bitcoin is falling outside the current system. But Libra is just a digital version of fiat and very much part of the current economic system.

right, the system used by Libra is the same as the current economic system, which can be controlled, it's just different form. in fact many people think that libra will disrupt bitcoin to develop, we can see later the continued development of libra which will reportedly be launched this year

[Amel]

I don't understand the logic in claiming something like this. Let me ask you guys a very simple question. How can Libra disrupt the current financial/economical system, when it is a part of that very same system? If you are talking about Bitcoin, then it can be claimed that Bitcoin is falling outside the current system. But Libra is just a digital version of fiat and very much part of the current economic system.

Digital version of Fiat? then which fiat do you mean? So far since Facebook announced the Libra Coin, there has been no underlying statement from one of the fiat in the world. They are currencies that are independent but centralized, libra is a new breakthrough in the financial world. And there is no fiat similar to Libra later, libra will have the same policy as fiat, the same law and it is still being pursued by Facebook now. Therefore fiat is the biggest threat to any fiat and the US is also afraid of it.

[Duzter]

I don't understand the logic in claiming something like this. Let me ask you guys a very simple question. How can Libra disrupt the current financial/economical system, when it is a part of that very same system? If you are talking about Bitcoin, then it can be claimed that Bitcoin is falling outside the current system. But Libra is just a digital version of fiat and very much part of the current economic system.

As said libra is truly the digital version of fiat in one form, but this isn't same as that of the traditional fiat used around the globe. When we talk about fiat it is completely under the control of a centralized authority. This authority is mostly a government, with libra this is the centralized authority of the Facebook team. There is always a difference between the Facebook's team and a government.

[ice098]

I don't understand the logic in claiming something like this. Let me ask you guys a very simple question. How can Libra disrupt the current financial/economical system, when it is a part of that very same system? If you are talking about Bitcoin, then it can be claimed that Bitcoin is falling outside the current system. But Libra is just a digital version of fiat and very much part of the current economic system.

As said libra is truly the digital version of fiat in one form, but this isn't same as that of the traditional fiat used around the globe. When we talk about fiat it is completely under the control of a centralized authority. This authority is mostly a government, with libra this is the centralized authority of the Facebook team. There is always a difference between the Facebook's team and a government.

When Libra will be launched here earlier this year, it cant disrupt our economical status because that coin is made by the facebook team and not covered by the government so how it can affect our economy and also I think we can only use this coin for transactions between facebook and its users.

[senin]

They can, and Libra can indeed destroy the financial system of a country, for example, such as the United States. It can and will happen soon, although it cannot be.

Coin Libra will be provided with different currencies of states, including US dollars. In fact, stable coins are the same type of assets with ordinary currencies, so they can not negatively affect each other. Even if Zuckerberg with his Libra coin goes bankrupt, it will only be his problem and the problem of those gullible users who believed him.
However, most likely, Libra may never appear, so these fears are so far completely in vain.

[Abiky]

As said libra is truly the digital version of fiat in one form, but this isn't same as that of the traditional fiat used around the globe. When we talk about fiat it is completely under the control of a centralized authority. This authority is mostly a government, with libra this is the centralized authority of the Facebook team. There is always a difference between the Facebook's team and a government.

Exactly. Both Facebook and governments are two completely different entities. People will more often trust a currency that's backed by the government than a company like Facebook. That's why Libra won't have the same legitimacy as Fiat within the mainstream world. Still though, governments are afraid that Libra will take over the existent financial system in the future. After all, Facebook has a large user base that could increase the adoption of its stablecoin worldwide. It's 2020, but it seems very unlikely that Libra will be launched anytime soon. Facebook is still having a hard time with regulators worldwide. Which is why, I believe that Libra will be more of an idea/concept than a practical stablecoin for the world.

Nonetheless, crypto will continue to survive with or without Libra. If Facebook ever manages to launch its stablecoin for the world, it'll be more beneficial than harmful for the adoption of Blockchain technology in general. Time will tell us what the government's stance will be towards stablecoin regulation (like Libra) worldwide. Just my thoughts